89-91 Ludlow Street, New York, NY 10002

Chinatown, Lower East Side, New York, New York 10002

$18,000,000  

Listing ID Number

25115

Property Description

Cushman and Wakefield has been retained on an exclusive basis to arrange for the sale of 89-91 Ludlow Street, between Delancey and Broome Streets. The subject property has 51’ frontage on Ludlow Street and has a lot footprint of approximately 4,500 SF. The lot is in a split zone including C6-2A* and C4-4A. C6-2A* has a commercial FAR of 6.0, residential FAR of 5.4, community facility FAR of 6.5 and inclusionary housing FAR of 7.2. C4-4A has a 4.0 FAR for commercial, residential or community facility uses. The site would allow for approximately 24,760 BSF for commercial use, 22,735 BSF for residential use, 26,449 BSF for mixed use with community facility or approximately 28,800 BSF based on a development that incorporates inclusionary housing. The property has a curb cut in place as well as a 3 story commercial building with basement which will be delivered vacant at the time of sale.
89-91 Ludlow Street is situated across the street from 242 Broome Street (Site 1 of Essex Crossing), a contemporary luxury condominium with exciting retail stores in one of the busiest corridors in the historic Lower East Side, expecting to finish by early 2018. Essex Crossing brings approximately 1,000 new residences, 400,000 square feet of office space and 800,000 square feet of retail spaces spread over nine sites, including a movie theatre, bowling alley, and Trader Joe’s. The Lowline, the first underground park at the one-acre former Williamsburg Bridge Trolley Terminal just below Delancey Street, is expected to open in 2021.
The development of Essex Crossing is sure to position 89-91 Ludlow Street as a highly coveted building in one of the most exciting up-and-coming areas of New York City. Furthermore, 89-91 Ludlow Street benefits from easy accessibility to lower Manhattan and Brooklyn. The entrance to the Williamsburg Bridge is located a few blocks away from the property, providing quick and easy access to Brooklyn via car, bicycle, and foot. Additionally, the F, J, M, and Z trains located within close proximity to the subject property offer immediate access throughout Manhattan, Brooklyn, and Queens and serve over 8.22 million riders annually.

Overview

Building Type:Development/Conversion Sites
Location:West side of Ludlow Street between Delancey and Broome Streets
Block/Lot:409/20
Lot Dimensions:51.10' x 88.10'
Approx.
Lot Sq Ft:4,502
Approx.
Buildable Sq. Ft:24,760 BSF/ 22,735 BSF/ 26,449 BSF / 28,812 BSF
Commercial/ Residential/ Community Facility / Inclusionary housing
Zoning:C6-2A* (Approx. 75%) & C4-4A (Approx. 25%)
All zoning information should be independently vertified

Documents

Contact

For further information or inspection, please contact Exclusive Agents:

Michael F. DeCheser
Senior Managing Director
(212) 660 7772
michael.decheser@cushwake.com

Darragh Clarke
Director
(212) 660 7737
darragh.clarke@cushwake.com

Mei Ling Wong
Director
(212) 660 7716
meiling.wong@cushwake.com


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The information contained herein has either been given to us by the owner of the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee it. All zoning, buildable footages and uses must be independently verified. Vacancy factors used herein are an arbitrary percentage used only as an example. It does not necessarily relate to actual vacancy, if any. The value of this investment is dependent upon these estimates and assumptions made above, as well as the investment income, the tax bracket, and other factors which your tax advisor and/or legal counsel should evaluate. THE PROSPECTIVE BUYER SHOULD CAREFULLY VERIFY EACH ITEM OF INCOME, AND ALL OTHER INFORMATION HEREIN.